NAC Aviation 29 amends tender offer for 4.75% notes, term loan B

Chicago, July 28 – NAC Aviation 29 DAC amended its previously announced tender offer to purchase up to $80 million face value of its 4.75% senior secured notes due June 30, 2026 under a modified Dutch auction at a bid price range from $875 to $905 per $1,000 principal amount, according to a news release.

The central modification was an amendment to the early tender premium, lowering it to $10 per $1,000 note from $30 per note.

The company also extended the early tender time, now 5 p.m. ET on Aug. 10 instead of 5 p.m. ET on Aug. 7.

The company also made a clarificatory change to the table on the second page of the amended offer to purchase.

The change in the early tender premium was made to ensure compliance with the requirements as set out in clause 4.3 of side letter No. 2 to the intercreditor agreement that was entered into by, among others, the company on July 18.

Holders who validly tender their notes by the extended early deadline will receive the total consideration and interest to the relevant settlement date.

The total consideration will be the clearing price, which will be the lowest bid price that will enable the issuer to purchase an amount of notes equal to the tender cap.

The offer will expire at 5 p.m. ET on Aug. 22.

Concurrently with the notes offer, the company is seeking to purchase, by way of assignment from lenders, loans under its term loan B credit agreement dated June 1, 2022 with Wilmington Trust (London) Ltd. as agent on substantially the same economic terms as the notes offer.

The amendments apply to both the notes offer and the term loan B offer.

Global Bondholder Services Corp. (855 654-2014 or 212 430-3774) is the tender agent and information agent for the notes offer.

Deutsche Bank Securities Inc. (855 287-1922 or 212 250-7527) is the dealer manager for the notes offer and purchase agent for the term loan B offer.

The issuer is affiliated with aircraft leasing company Nordic Aviation Capital. The firm is based in Ireland and has offices also in Singapore, Denmark, Toronto and Beijing.

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